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Correlation between EURUSD and gold

Correlation between EURUSD and gold | 03 February 2020

03 February 2020, EUR/USD

Correlation between EURUSD and gold

EURUSD trading plan:

We are expecting an uptrend to develop. A bullish rally in the gold market will have a positive impact on the value of the European currency. China’s coronavirus epidemic drove more safe-haven buying in the yellow metal. China reported more than 260 deaths and 11,000 infections from the coronavirus. The spot gold, which tracks live trades in bullion, was up strongly, rising $15, or nearly 1%, to $1,589.63 per ounce. That gave bullion a gain of nearly 5% for January, also the best performance in five months.

Trading recommendation: Buy 1.1070 and take profit 1.1101.

David Johnson
Analyst of «FreshForex» company
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